Headline: Эксперт Dragonfly: Текущая коррекция на крипторынке — лишь легкий шторм на фоне прошлых кризисов Translation: Expert from Dragonfly: The current correction in the crypto market is just a light storm compared to past crises.

The current downturn in the cryptocurrency market is far milder than the crisis of 2022. Key metrics remain robust, and the system is operating steadily, stated Hashib Qureshi, managing partner of the venture capital firm Dragonfly.

*“To be honest, this is the softest bear phase I’ve ever witnessed,”* he wrote.

He reminded everyone of the series of collapses during the previous industry crisis: the Luna crash, the bankruptcy of Three Arrows Capital, FTX, Genesis, and BlockFi, the crash of the NFT sector, subsequent banking issues, and a series of depegs among stablecoins. According to him, given this backdrop, the current correction appears «insignificant.»

*“Prices have dropped, yes, and so what? The fundamentals are excellent. Crypto is functioning. So relax, grab a snack. Stay focused. Everything will be fine,”* emphasized Qureshi.

In just the past 24 hours, the total market capitalization of cryptocurrencies has decreased by 6.5% to $3.3 trillion. Bitcoin’s price fell below the psychologically significant $100,000 level, dropping to approximately $96,800.

The original cryptocurrency has pulled the entire market down with it. Ethereum’s price dropped by 10.4% to around $3,100.

The prices of other coins in the top 10 by market capitalization also plummeted.

Liquidations over the past day exceeded $1 billion, with the majority of forced closures occurring on Bitcoin long positions.

The market sentiment indicator remains in the “extreme fear” zone.

Against this backdrop of correction, large investors have become more active. Analysts at Lookonchain noted a whale under the pseudonym 66kETHBorrow, who on November 14 purchased 19,508 ETH valued at $61 million.

Just hours after the experts’ publication, he acquired another 16,937 ETH worth $53.9 million. Since the beginning of the month, his purchases have totaled 422,175 ETH, amounting to $1.3 billion at an average price of $3,489 per coin. Unrealized losses have exceeded $126 million.

Institutional players have also been increasing their positions during this correction. A wallet associated with BitMine received 9,176 ETH worth $29.1 million from an OTC address at Galaxy Digital.

According to data from Strategic ETH Reserve, the firm manages over 3.5 million ETH worth approximately $11.1 billion, excluding the latest transaction.

Lookonchain specialists also recorded significant transfers related to Anchorage Digital, which received 4,094 BTC worth about $405 million from Coinbase, Cumberland, Galaxy Digital, and Wintermute.

According to Wintermute, the correlation between Bitcoin and the Nasdaq-100 index remains high—around 0.8.

Such levels were last seen in late 2022, although the current price of the first cryptocurrency is not too far from its ATH.

Historically, this kind of negative asymmetry tends to manifest when the market reaches a local bottom, rather than a peak.

A similar viewpoint was echoed by experts at Glassnode, who pointed to the increase in the 25-delta skew. They indicated that it is currently showing sharp fluctuations.

*“Recently, such spikes have consistently coincided with the formation of short-term price lows, signaling heightened fear in the market and a significant volume of short positions,”* the analysts noted.

At the same time, Glassnode specialists pointed to selling pressure from long-term Ethereum holders.

Owners of coins held for three to ten years have ramped up their daily selling volume to 45,000 ETH, the highest level since February 2021.

Long-term Bitcoin holders are also actively selling. According to CryptoQuant, they have brought 815,000 BTC to market over the past month—the highest figure since January 2024.

This wave of selling came during a period of weakening demand and a negative premium for Coinbase.

*“In previous episodes of active selling by long-term holders, demand was strong enough to absorb the supply in a rising market, but the current situation is different,”* the specialists stated.

However, Glassnode emphasized that such investor behavior is typical of the late stage of the market cycle and should not raise significant concerns.

According to their data, the average monthly volume sold by long-term holders has increased from over 12,000 BTC per day in early July to approximately 26,000 BTC as of November 13.

This trend indicates a regular and even distribution of assets rather than a targeted “dump,” aligning with normal market behavior in a bullish phase, the experts concluded.

Let us remind you that analysts from QCP Capital identified factors supporting Bitcoin until the year’s end. Among them are the potential lowering of the Federal Reserve’s interest rate and stable corporate revenues.